9 Best Financial Advice for Lottery Winners
Whether you win the whole jackpot or even some amount, before turning in your ticket, you will need to protect yourself, your family and your money. Here are 9 Best Financial Advice for Lottery Winners:
- The worst thing with lotto winners is that everyone comes out of the wood work wanting money, not only from your own family but all sorts or charitable cases in the community.Setting up a team of trust Advisors ( financial advisors, lawyers and accountants) who can act as professional trustees for you as well and help you set that up would be very wise. The Lotto legal department recommends that lottery winners seek out one or more of the following: a tax planner, a financial adviser, a certified public accountant and an attorney.
- The Attorney. This is the first person to hire. An attorney can help you keep the ticket safe until you have your team in place to help you handle your winnings. An attorney may advise you to set up a trust and transfer “ownership” of the ticket to the trust, for which you are the sole trustee. You’ll still receive your winnings, but the trust can save you on taxes.
- The Financial Advisor. This person will help you set up accounts that keep your money growing in order to guarantee a safe income for you throughout your lifetime. A Financial Advisor will also investigate any financial investment requests that you will receive from family, friends or people you’ve never heard of, but who will assure you that you can make millions more with their method or product. (Our Team Of Financial Advisor Mintco Financial Phone 813 964 7100 email firstname.lastname@example.org)
- Accountant. This person will handle all the tax matters and keep you out of trouble with the IRS. After the government takes their initial cut, there are still more taxes to pay.
- The challenge for any lottery winner is getting over the psychological shock and adjusting to the identity of a wealthy person. Most people buy tickets on a whim not taking time to seriously think about what they would do if they were millionaires.That’s the thing about money: You have to prepare yourself for wealth. You have to mentally prepare for what is going to occur—at least as much as you can.
- You have six months to collect, so take your time and think about it.
- You do have to protect what you’ve won.
- Don’t tell anyone that you have the winning ticket, and put it in a safe deposit box as soon as possible.
- Consider claiming the winning lottery prize through a “blind trust” to protect your identity. Many states permit a lottery winner to utilize a blind trust to claim the winning monies in order to protect the winner’s identity and privacy.
- Most people think taking the lump sum is the smart move. That’s not always the case. First, spreading the payments out protects you from becoming the latest lottery winner who’s lost all their money.
- It’s certainly a natural desire to help relatives in need and take care of future generations. But use extreme caution when giving out your money.
- Maintain the family dynamic, even keep your job. Work can give people a purpose. Lottery Winners who have maintained their jobs and maintained their family relationships and not changed dramatically have probably done better.
“If you’re not disciplined, you will go broke. I don’t care how much money you have.”
“We see people come in prepared because the vast majority of people think they know what they’re going to do with that money but once they have it they really don’t know what to do with it.”
Even if you don’t win the lottery, we welcome you to contact the team at Mintco Financial today at 813-964 7100 for a complimentary initial consultation for Estate Planning, Investments and Asset Protection.
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Visit our website www.MintcoFinancial.com